CA Circle India

Many practitioners interpreted the Companies (Audit and Auditors) Rules, 2014 to mean that ADT-1 was not strictly required for the first auditor, since Rule 4(2) referred only to Section 139(1) (appointment after AGM) and not Section 139(6) (first auditor appointment by Board).

In a major relief to businesses navigating insolvency proceedings, the Ministry of Corporate Affairs (MCA) has recently issued crucial clarifications on exemptions under Section 14(1) of the Insolvency and Bankruptcy Code (IBC). These clarifications are significant as they provide clearer guidance to corporate debtors about specific transactions and processes that are not halted by the moratorium, thus enhancing the predictability and efficiency of insolvency proceedings.

In a significant move welcomed by taxpayers and professionals alike, the Central Board of Direct Taxes (CBDT) has extended the due date for filing Income Tax Returns (ITRs) for the assessment year 2025-26. Returns originally due by July 31, 2025, can now be filed until September 15, 2025. This extension comes in response to the delayed release of ITR utilities, which have not been made available to taxpayers and tax professionals as of mid-June 2025.

With the launch of the MCA21 V3 portal on July 14, 2025, the Ministry of Corporate Affairs (MCA) is rolling out 38 revamped e-forms, including 13 annual filing forms and 6 audit/cost audit forms. This migration is not only digitizes and streamlines the compliance process but also introduces new and modified information requirements across key ROC forms

The Income Tax Department has extended the due date to file income tax return for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025.